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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets measured at fair value on a recurring basis are summarized below (in thousands):


		Fair Value Measurement using:
					Quoted Prices
					in Active			Significant
					Markets			Other			Significant
		Carrying			For Identical			Observable			Unobservable
		Amount			Assets (Level 1)			Inputs (Level 2)			Inputs (Level 3)
At March 31, 2024
U.S. Government agency securities		$	61,679		$	—		$	61,679		$	—
U.S. State and Municipal securities			9,588			—			9,588			—
Residential mortgage securities			380,012			—			380,012			—
Commercial mortgage securities			43,393			—			43,393			—
Asset-backed securities			3,117			—			3,117			—
CRA Mutual Fund			2,115			2,115			—			—
Derivative assets			4,553			—			4,553			—
Derivative liabilities			1,816			—			1,816			—


		Fair Value Measurement using:
					Quoted Prices
					in Active			Significant
					Markets			Other			Significant
		Carrying			For Identical			Observable			Unobservable
		Amount			Assets (Level 1)			Inputs (Level 2)			Inputs (Level 3)

At December 31, 2023
U.S. Government agency securities		$	61,775		$	—		$	61,775		$	—
U.S. State and Municipal securities			9,699			—			9,699			—
Residential mortgage securities			351,920			—			351,920			—
Commercial mortgage securities			34,584			—			34,584			—
Asset-backed securities			3,229			—			3,229			—
CRA Mutual Fund			2,123			2,123			—			—
Derivative assets			2,687			—			2,687			—
Derivative liabilities			6,037			—			6,037			—

Schedule of assets and liabilities measured on a non-recurring basis

There were no material assets measured at fair value on a non-recurring basis at March 31, 2024 and December 31, 2023.

Carrying amounts and estimated fair values of financial instruments not carried at fair value were as follows (in thousands):


					Fair Value Measurement Using:
					Quoted Prices
					in Active			Significant
					Markets			Other			Significant
		Carrying			For Identical			Observable			Unobservable			Total Fair
At March 31, 2024		Amount			Assets (Level 1)			Inputs (Level 2)			Inputs (Level 3)			Value
Financial Assets:
Cash and due from banks		$	34,037		$	34,037		$	—		$	—		$	34,037
Overnight deposits			500,366			500,366			—			—			500,366
Securities held-to-maturity			460,249			—			393,180			—			393,180
Loans, net			5,660,680			—			—			5,517,142			5,517,142
Other investments
FRB Stock			11,410			N/A			N/A			N/A			N/A
FHLB Stock			19,261			N/A			N/A			N/A			N/A
Disability Fund			1,500			—			1,500			—			1,500
Time deposits at banks			498			498			—			—			498
Receivable from global payments business, net			93,852			—			—			93,852			93,852
Accrued interest receivable			33,196			—			1,922			31,274			33,196

Financial Liabilities:
Non-interest-bearing demand deposits		$	1,927,629		$	1,927,629		$	—		$	—		$	1,927,629
Money market and savings deposits			4,271,827			4,271,827			—			—			4,271,827
Time deposits			38,086			—			37,720			—			37,720
Federal funds purchased			—			—			—			—			—
Federal Home Loan Bank of New York advances			300,000			—			300,000			—			300,000
Trust preferred securities payable			20,620			—			—			20,009			20,009
Prepaid debit cardholder balances			18,685			—			—			18,685			18,685
Accrued interest payable			2,646			692			1,563			391			2,646
Secured and other borrowings			107,549			—			7,549			99,907			107,456


					Fair Value Measurement Using:
					Quoted Prices
					in Active			Significant
					Markets			Other			Significant
		Carrying			For Identical			Observable			Unobservable			Total Fair
At December 31, 2023		Amount			Assets (Level 1)			Inputs (Level 2)			Inputs (Level 3)			Value
Financial Assets:
Cash and due from banks		$	31,973		$	31,973		$	—		$	—		$	31,973
Overnight deposits			237,492			237,492			—			—			237,492
Securities held-to-maturity			468,860			—			404,252			—			404,252
Loans, net			5,566,832			—			—			5,474,238			5,474,238
Other investments
FRB Stock			11,410			N/A			N/A			N/A			N/A
FHLB Stock			25,558			N/A			N/A			N/A			N/A
Disability Fund			1,500			—			1,500			—			1,500
Time deposits at banks			498			498			—			—			498
Receivable from global payments business, net			87,648			—			—			87,648			87,648
Accrued interest receivable			31,948			—			2,007			29,941			31,948

Financial Liabilities:
Non-interest-bearing demand deposits		$	1,837,874		$	1,837,874		$	—		$	—		$	1,837,874
Money market and savings deposits			3,864,018			3,864,018			—			—			3,864,018
Time deposits			35,400			—			35,011			—			35,011
Federal funds purchased			99,000			—			99,000			—			99,000
Federal Home Loan Bank of New York advances			440,000			—			440,000			—			440,000
Trust preferred securities payable			20,620			—			—			20,007			20,007
Prepaid debit cardholder balances			10,178			—			—			10,178			10,178
Accrued interest payable			1,894			1,028			475			391			1,894
Secured and other borrowings			7,585			—			7,585			—			7,585